Analyze the buying decision process for consumers’ price cookers in Viet Nam
About the Client
Electric Cooker – China leader company
All products being traded in Vietnam and products exported to overseas markets such as Thailand, Singapore, Philippines, Indonesia, Malaysia, and Cambodia… Currently, the Client’s products are available at all electronics centers, supermarkets, Metro, and Coopmart nationwide in Viet Nam. Over 30 years of development, they built 5 production factories: 4 factories in China and 1 in Vietnam.
Project Overview
This project aims to provide a comprehensive overview of the rice cooker market in Ho Chi Minh City, focusing on analyzing the buying decision process for consumers in this market. By understanding the factors that influence consumers’ choices when purchasing rice cookers, we can identify opportunities to improve the business efficiency of rice cooker products.
The first phase of the project will involve conducting market research to gather data on the preferences, needs, and buying behavior of consumers in Ho Chi Minh City.
The second phase will focus on analyzing the buying decision process of consumers when it comes to rice cookers.
Based on the findings from the market research and buying decision analysis, the final phase of the project will involve proposing marketing solutions to improve the business efficiency of rice cooker products in Viet Nam.
Challenges
Language Barriers:
Vietnamese is a barrier language for foreign company planning to expand their market to Viet Nam. The company may need to overcome language barriers and understand Vietnamese culture in order to build the brand and sell its products in Vietnam. This may require hiring local staff/ local agencies with language skills or partnering with a global marketing agency. Our customers have difficulties understanding the customer insights, and the process for consumers’ price cookers in Ho Chi Minh City.
Competition:
The market for electric cookers in Vietnam may already be saturated with existing competitors. The company will need to differentiate its products and build marketing strategies to be Top-of-mind awareness.
Price:
Vietnamese consumers may be more price-sensitive than those in other markets, so the company may need to adjust its pricing strategies to remain competitive. However, customers accept to pay more for high-quality products in Ho Chi Minh City.
Solution
We conducted market research to find out Vietnamese customer insights in Ho Chi Minh City. We chose Ho Chi Minh because it is a dynamic city, the population is 8.993 million (Jan 4, 2019), and 2023 is now estimated at 12 million. We conducted the survey with +3000 people who participated to answer the questionnaire.
Our Goal:
In order to orient the research process clearly and accurately, the study sets out the following objectives:
1. Analyze the overview of the rice cooker market in Ho Chi Minh City.
2. Analyze shopping behavior for rice cooker products of consumers in HCMC.
3. Propose a number of marketing mix solutions to support and enhance the business strategy of X company’s rice cookers in the Ho Chi Minh City market.
Research object:
Consumer’s buying behavior for rice cooker products in the HCMC market. Survey subjects: Women between the ages of 26 and 50, often cook and are working or studying in Ho Chi Minh City. Research Overview: Limited scope of research: The study focuses on the steps in the process of making a decision to buy a rice cooker of Vietnamese.
COMPANY OVERVIEW:
1. History of the establishment of company
2. Development Process
3. The company’s production areas
4. Business Philosophy
5. Achievement achieved
6. The company’s position in the market of household appliances in Vietnam
7. Analysis of the company’s marketing strategy for rice cooker product
MARKET OVERVIEW OF ELECTRIC COOKERS IN HCMC
1. Characteristics of the small household electric market
2. Size and growth rate
3. Market Segment
4. Analysis of the competitive situation
5. Consumption situation for rice cooker products
ANALYSIS OF CUSTOMER BEHAVIOR FOR ELECTRIC COOKERS PRODUCTS OF CONSUMERS IN HCMC MARKET
1. STUDY SAMPLE DESCRIPTION
1.1. Filter section
1.2. Customer portrait
2. ANALYSIS OF RESEARCH RESULTS
2.1. Need awareness stage
2.3. Evaluation stage of options
2.4. The stage of buying decision
2.5. The period after buying
3. CHI-squared test, ANOVA
3.1. Need awareness stage
3.2. Information search stage
3.3. Evaluation phase of options
3.4. Buying decision period
3.5. The period after purchasing
3.6. General Commentary on Research results
Result
Our research report provides an overview of the rice cooker market and the buying decision process of consumers. We found that most consumers make their purchasing decision based on personal preferences or marketing campaigns. Vietnamese consumers prefer rice cookers with modern, durable designs in white or cream colors. Their preferred promotion method is through direct discounts, and when giving gifts, they prefer cooking utensils like pots and frying pans.
The buying decision process of consumers aged 26-30 involves the need to search for information, evaluate options, and then decide. The three most common sources of information for this age group are supermarkets, the Internet, and referrals from friends and relatives. Consumers prioritize evaluating products based on four factors, including durability, good cooking performance, a good cooking pot, and brand. During the buying decision stage, consumers are influenced by three main factors: recommendations from others, marketing stimuli, and situational influences. Regardless of age or income group, consumers tend to purchase rice cookers at supermarkets and electronics stores. The most influential people during this stage are those accompanying them and salespeople.
Marketing solutions:
Our solutions are tailored to the specific needs and preferences of the target market, aiming to increase brand awareness, attract new customers, and foster customer loyalty. We proposed marketing strategies include promotional campaigns, product differentiation, pricing adjustments, improved distribution channels, and enhanced customer support.
By undertaking this project, we anticipate gaining valuable insights into the rice cooker market in Ho Chi Minh City and identifying opportunities for business improvement. The proposed marketing solutions served as a roadmap for companies operating in this market to enhance their competitiveness and maximize their success.
Our solutions helped our client to increase by 20% Sales revenue during Q3 and Q4 in the same year. We helped our customer to reach their goal with our Marketing report and Marketing solutions.
